overdraft

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Related to Bounce protection: Overdraft protection

Overdraft

A check that is drawn on an account containing less money than the amount stated on the check.

The term overdraft is also used in reference to the condition that exists when vouchers or purchase orders are drawn in amounts exceeding the amount that has been appropriated or budgeted.

Cross-references

Commercial Paper.

See: deficit

overdraft

see BANK ACCOUNT.
References in periodicals archive ?
These changes apply to all debit card and ATM transactions on checking accounts that have opted-in to AA Credit Union's Bounce Protection Plus overdraft coverage service.
Deposit accounts (noninterest checking and NOW accounts) are assigned a bounce protection limit, typically from $100 to $1,000, depending on the type of account.
This new brochure does not endorse overdraft programs, also known as courtesy pay or bounce protection," she emphasized, "but it does clearly explain the various options.
However, he said that some financial institutions recently have begun to offer overdraft or bounce protection simply by charging a fee at the time of the overdraft plus an additional fee for each day that the overdraft is outstanding.